by Claudio Grass, Claudio Grass:

The corona effect

Although the German court ruling had nothing to do with this latest wave of easing and money printing triggered by the coronavirus crisis, the timing of it puts the present situation in a different perspective.

This crisis has served as a “judgment day” of sorts. It revealed the countless failures, the incompetence and the disarray at the very core of most institutions, not just in Europe, but globally. The more decentralized nations did fare relatively better than those with a high degree of centralization, the latter unfortunately being the majority. There, the lack of consistency and of clear leadership, the contradictory messages, the failures of public healthcare that cost countless lives, the political decisions that cost millions their jobs and livelihoods, all exposed the defects of centralization and the unreliability of both national governments and international organizations. And that’s just the first wave of disasters, the ones immediately seen and felt.